Two of the most essential and basic tools in estate planning are wills and trusts. Both documents can ensure your assets go to whom you choose to, save on attorney and court fees, and avoid disputes between relatives when the decedent’s property is on the line. Should you need a Trust and Will Lawyer in New York, contact the law office of Mishiyeva Law, PPLC., at (646) 535-1667. We are located on 85 Broad Street, 18th Floor, New York, NY 10004.
Will Preparation in New York
A will is a legal document which provides directives on how a decedents assets and possessions should be distributed upon their passing. The will appoints the executor which is the individual who takes care of the estate expenses, assists in distributing the property to the rightful heirs, and manages the properties and financial obligations of the estate among other things. A will also appoints a guardian for your minor children and dependents.
With a will, it has to be verified as valid through a process called probate. This validation process takes place in Surrogate’s Court. Also, with a will, you are exposed to the possibility of a will contest which is when a party challenges the validity of the will. To avoid probate, preparing a trust is recommended.
Trust Preparation in New York
A trust is a financial vehicle and fiduciary arrangement where a third party (called the trustee) holds onto and manages the assets on behalf of a beneficiary. It is an effective tool to avoid probate. A major distinction between all of the various kinds of trusts is where it is revocable or irrevocable.
With a revocable trust, also called a living trust, the grantor retains control of the assets during their lifetime. Due to the fact that you do retain control of the assets, you would still be subject to estate tax and the assets would be treated as your own property.
With an irrevocable trust, the assets are transferred out of your estate and you usually no longer are exposed to estate tax. As the name suggests, an irrevocable trust cannot change in terms and you no longer have control of the property.
There are a number of different types of trusts such as a Marital Trust, Bypass Trust, Testamentary Trust, Irrevocable Life Insurance Trust, Charitable Lead Trust, Charitable Remainder Trust, Generation-skipping Trust, Qualified Terminable Interest Property Trust, & Grantor Retained Annuity Trust.
Retain a Will and Trust Lawyer in NY
Should you require a will or trust to be prepared on your behalf, it is advisable to retain an attorney concentrating on estate planning. Although such documents can be drafted by an individual who is not a lawyer, it is recommended an attorney provides their involvement in preparing these complex documents because they have the knowledge and experience in understanding what constitutes as a valid will or trust. Our law firm, Mishiyeva Law, PLLC., can sit down with you and recommend the most appropriate trust for your personal situation and advise what clauses should be included in your will.